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Noble announced yesterday it was considering a number of strategic options and will be seeking discussions with the Gloucester board.
“Noble Group believes that there has been a structural shift in coal markets which reflects higher thermal and coking coal prices. Accordingly, Noble’s view is that Xstrata’s offer undervalues Gloucester Coal,” the company said in a statement.
Meanwhile, Gloucester shareholders will vote on Xstrata's $4.75 a share offer via a scheme of arrangement at a meeting next week.
Independent expert Grant Samuel has assessed a value of $4.22–4.89 for Gloucester shares, and encouraged shareholders to vote for the scheme in the absence of a better offer.
Gloucester closed 24c higher at $4.98 yesterday after reaching $5 during trading.
